Cherry Grove Dredging: Council Passes Final Reading

During the June 29 Special Called North Myrtle Beach City Council meeting, Council passed second (final) reading of an ordinance confirming financing of the Cherry Grove Dredging Project.

The ordinance confirms the selection of Branch Banking and Trust Company (BB&T) as the lender for the upcoming financing for the Cherry Grove Improvement District, and also confirms that BB&T serves as Trustee under the Master Trust Indenture.

It approves the forms of the 2016 Supplemental Indenture, which contains certain terms relating only to the upcoming borrowing, and approves the latest form the Master Trust Indenture, which Council originally approved in March 2016.

The ordinance authorizes officials of the City to sign the indentures and related documents in order to bring the financing to completion.